{"id":1804,"date":"2023-11-29T06:40:17","date_gmt":"2023-11-29T06:40:17","guid":{"rendered":"https:\/\/fashionradicalsnews.com\/?p=1804"},"modified":"2023-11-29T06:42:09","modified_gmt":"2023-11-29T06:42:09","slug":"reasons-for-a-51-increase-in-adani-group-stocks-in-3-days","status":"publish","type":"post","link":"https:\/\/fashionradicalsnews.com\/reasons-for-a-51-increase-in-adani-group-stocks-in-3-days\/","title":{"rendered":"Reasons for a 51% increase in Adani Group stocks in 3 days"},"content":{"rendered":"\n
Adani Ports is expected to record a 12.4% YoY increase in net profit for the December 2023 quarter, coming in at Rs. 1,661.90 crores as opposed to Rs. 1,478.80 crores during the corresponding period in 2022. The Adani Ports & SEZ (Special Economic Zone) stock saw a 46% increase in value from its 52-week low of Rs. 394.95 on 3rd February 2023 to a high of Rs. 596.75 in trading on 7th February 2023.<\/p>\n\n\n\n
Despite the uproar claiming that the Adani shares overleveraged, Adani Ports is anticipated to release respectable quarterly earnings. This is among the three Adani Group entities that have released pledged shares and prepaid loans. Several brokerages, including Credit Suisse, have stated that the Adani Group stock, which analysts monitor, appears appealing following the recent downturn. In addition, the business provided a positive January business update.<\/p>\n\n\n\n
The company then stated that there was no such intention, despite a media article speculating that it may announce a share buyback.<\/p>\n\n\n\n
Adani Group promoters have declared a $1,114 million prepayment ($1.11 billion, or around 9,203 crores, using the present exchange rate). Shares in Adani Green Energy (A.G.E.L.), Adani Transmission (A.T.L.), and Adani Ports and Special Economic Zone (A.P.S.E.Z.)\u2014all owned by the Adani Group\u2014will be released. Given the recent volatility in the market and in keeping with their pledge to lower the total amount of promoter leverage backed by shares of the Adani listed business, the Adani Group announced that promoters had deposited the sums necessary to prepay $1,114 million before the loan’s September 2024 maturity.<\/p>\n\n\n\n
A.P.S.E.Z. will release 168.27 million shares (about 12% of the promoters’ stake), A.G.E.L. will release 27.56 million shares (approximately 3%), and A.T.L. will release 11.77 million shares (1.4%). Promoters owned 65.13 % of A.P.S.E.Z. shares as of December 2022; 243.58 million shares, or 17.31 %, were pledged. At this point, it will drop to 5.31 %. of the 60.75 % promoter ownership in A.G.E.L., 4.36 % (41.96 million shares) were pledged.<\/p>\n\n\n\n
This means that 1.36% will not remain at that level. Regarding A.T.L., out of the 74.19% total promoter holding, 66.22% (54.83 million shares) were pledged; this will come down to 5.22%.<\/p>\n\n\n\n